Under fire from all quarters for its inability to tackle the problem of black money, the government plans to focus on the real estate and gold and jewellery sectors to stanch the movement of unaccounted funds. The proposed white paper on black money, to be tabled in Parliament’s current session, is likely to propose a debate on “offshore voluntary compliance” for tax evaders with large sums stashed abroad, officials involved in...

-The Economic Times Soaring vegetable prices pushed inflation higher in April, while fuel and manufactured product prices sustained their pressure posing a fresh policy challenge and announcing the return of price pressures in Asia's third-largest economy. Data released by the commerce & industry ministry on Monday showed the annual rate of inflation, based on monthly wholesale price index, stood at 7.23% for April, 2012, compared to 6.89% for the previous month and...

-The Business Standard The conflict between a universal and a targeted approach to social welfare which has held back the proposed food security law is now emerging in the ongoing movement for a universal pension. While economist Jean Dreze, who has been demanding universal old age pensions as part of a platform called Pension Parishad, has called for abolition of the Below Poverty Line (BPL) targeting system in all pension schemes, calling...

-The Indian Express After retrospective Taxes, here comes the retroactive cartoon The no-no cartoon was published in Shankar’s Weekly on August 28, 1949 and reproduced in many Shankar collections, including one with a Nehru quote as title that will make his party men squirm today — “Don’t spare me Shankar”. The Congress government has pulled out the cartoon and the textbook that carried it. The cartoon features Nehru himself, standing behind a...

-The Economic Times Grain stocks with state agencies are likely to cross 75 million tonnes some time in June 2012, while covered capacity to store is less than 50 million tonnes. The rest would be under CAP (with pucca or even kachcha plinths) exposed to potential large-scale damage. An early and rational policy decision is required to reduce the stocks by at least 7-10 million tonnes to avoid high costs of...